Happy Friday!
Big news: Judah gets his eviction notice tomorrow! We’re headed to the hospital for induction and excited to kick off life as sleep-deprived parents. Wish us luck! 🙃
Also—if you haven’t RSVPed for our next event, it’s happening June 26th from 4–6 pm at Par 3. We’d love to see you there. Let's dive into a two-minute update on the economy, an interesting story, and a financial planning secret.
📊 Economy – US and China Agree to 90-Day Cooling-Off Period
The US and China hit pause on their tariff battle this week, agreeing to a 90-day truce after talks in Switzerland. Stocks rallied as the US announced it would slash tariffs on Chinese goods from 145% to 30%, while China is reducing its own from 125% to 10% and loosening rare earth export restrictions.
It’s not a full trade agreement, but both sides signaled a willingness to keep negotiating. President Trump is expected to speak with President Xi soon, but warned that tariffs could “go up substantially” if talks stall. Meanwhile, the Fed is watching closely to see whether the reduced duties help stabilize growth or fuel inflation.
🌍 Interesting Stories – Liam Neeson Moment: Coinbase Offers $20M Bounty After Cyberattack
Coinbase had a rough week. Hackers breached the crypto exchange, stole customer data, and demanded a $20 million ransom. Instead of paying, Coinbase’s CEO went full Liam Neeson, offering a $20 million bounty for information leading to the attackers’ arrest.
The breach could cost Coinbase up to $400 million in losses and reimbursements. As if that wasn’t enough, the SEC is also investigating whether the company misrepresented the size of its user base in previous filings.
💡Financial Planning Secret – Don’t Let Your IRA Name the Wrong Heirs
One of the most overlooked (and costly) estate planning mistakes? Outdated IRA beneficiary designations. IRA assets don’t follow your will, they go directly to whoever is listed on the account. We’ve seen deceased relatives and outdated trusts still named on accounts, which can create real headaches.
Even worse, if your estate is named as the beneficiary, your heirs could face higher taxes and tighter withdrawal timelines—often just 5 years instead of the more flexible 10. As a Spokane financial advisor, we assist clients in reviewing and updating these critical documents as part of our comprehensive planning process.
To talk with a Spokane financial advisor, schedule a no-cost, no-commitment discovery call today.
About the Author
Noah Schwab CFP® is a financial advisor in Spokane, Washington, specializing in helping retirees with 401k Roth conversion strategies.
- Fiduciary. No commission, no insurance products
- Offering investment management and financial planning
